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Two of the largest Chinese bitcoin exchanges, OKCoin and Huobi's Weibo have announced a halt to margin trading in bitcoin, citing guidance from the PBoC. This was guidance, and not an official rule, according to Coindesk's reporting. I have commented on the liklihood of the PBoC cracking down on BTC as a workaround for capital controls, reference The Macro Truth About The Big Bitcoin Pop. As of right now, I have been proven correct.

Expect this action to reduce the volume of bitcoin trading in China. For one, the lack of access to margin may quell volatility on one hand, but also compress liquidity. Without the ability to charge for lending products, Chinese bitcoin exchanges may have to go for plain vanilla trading commissions (which they don't currently have). As a result, expect a move towards parity between Chinese and US/EU bitcoin exchange volumes.